Green Home Renovation: Australian Home Builder Creates Water-Conserving House That Captures And Treats 100% Of Its Own Water

25 05 2011

 

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  • Many areas of Australia are operating under severe water restrictions
  • Architects and builders throughout Australia are incorporating advanced water-efficient measures that U.S. water experts point to as practical solutions for our own looming crisis

    The collection tanks feed into the main 32,000-liter tank at the back of the house, where the water is filtered before use via the chemical-free Ecotrol-Radfire system from Australian manufacturer Puretec. The ultraviolet-light treatment destroys microorganisms found in unchlorinated water such as bacteria, viruses, mold, and fungal spores. It operates at a flow rate of 91 liters per minute.

  • Builder Joe Mercieca produced a user-friendly and extremely water-conserving house that won last year’s GreenSmart Award for Water Efficiency from the Australian Housing Industry Association
  • The house, completed last April, captures and treats 100% of its own water, making use of it twice inside the house before employing it for irrigation
  • The whole-house water processing system cost $54,000 (about $55,300 in U.S. dollars)
  • For emergency purposes, the house is tied in to the municipal water system
  • But the reservoir tanks hold a 250-day supply of water so that even with no rainfall his family of five could live in the home for more than six months without tapping into the town’s water supply
  • Rainwater collects on the 3,700-square-foot home’s four slanted and curved corrugated metal roofs and flows into three tanks
  • It is screened and gravity-fed into a 32,000-liter main tank at the rear of the house
  • There are four tanks are capable of holding 90,000 liters
  • The water in the main tank is pressurized and pumped into the house for showers, cooking, drinking, and dish washing
  • To bring it to drinking water standards, it is cartridge particle- and UV-filtered before entering the house
  • A compact greywater system re-treats wastewater from this first round of use and prepares it for washing laundry or cars, toilet flushing and above-ground garden watering
  • A 3,000-liter polyethylene tank at the back of the house holds the treated greywater
  • Once it is utilized a second time, the water diverts into the blackwater system’s 1,500-liter underground tank
  • This water undergoes a sanitizing process with the wastewater irrigating the site’s 5 acres of lawns and gardens
  • The house has no access to the municipal sewer system
  • The home is also miserly in how much it uses, with dual-flush toilets, low-flow faucets and showerheads, and an ultra-efficient washing machine and dishwasher
  • The fixtures are certified to a minimum 4-star rating out of 6 in the country’s Water Efficient Labelling and Standards (WELS) initiative, a joint program of federal, state, and local governments.

For more:  http://www.ecohomemagazine.com/water-conservation/self-sufficient-down-under.aspx


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Categories : Architects, Contractors, Energy Efficient Improvements, Financing, Green Homes, Homes, Landscape, Rehabs, Remodeling

Buying Foreclosed Homes: FHA 203k Renovation Loans Are The Only Financing Option For Owner-Occupant Homebuyers Who Need To Make Repairs To A Distressed Property

20 05 2011

 

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  • FORECLOSED homes have maintenance issues that have been ignored
  • Lenders turn off the water and power to cut the cost of letting the place sit
  • Most purchase loans cannot fund homes that need repairs or have major deferred maintenance
  • Distressed properties are sold at a discount and make up 40 percent of resales in currently
  • This is why “all-cash sales” are at their highest level ever — 35 percent of total sales, according to the Realtors
  • Most cash buyers are often investors who don’t plan to live in the home
  • For would-be owner-occupants without cash, the federally insured FHA 203k loan is the main loan
  • Borrowers can roll projected rehab costs into the loan
  • Most R.E.O.’s are as is, and the heat, plumbing and electric are turned off frequently, a 203(k) loan is necessary to cover the borrower and the lender
  • Buyers must use the services of an independent consultant certified by the Federal Housing Administration to review contractor cost estimates and architectural plans
  • The F.H.A. appraiser takes the consultant’s report into account when reviewing a property and determining how big the loan can be
  • Not all R.E.O. properties are eligible, such as a partially built house that has never had a certificate of occupancy
  • F.H.A-certified consultants cost $500 to $1,200, depending on the extent of the repairs and the number of units in a property
  • The interest rate on a 203(k) loan is about a quarter of a percentage point higher than on a standard F.H.A.-insured loan
  • The buyer also can expect to pay at least 1 point
  • The down payment may be as low as 3.5 percent, and loan limits apply
  • High-cost area F.H.A. loans limits are currently $729,750. (Energy-efficient rehabs may be eligible for more.)

For more:  http://www.nytimes.com/2011/05/15/realestate/financing-foreclosed-homes-mortgages.html?_r=1&ref=realestate


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Categories : 203k, Bank-Owned, Contractors, Federal Government, FHA, Financing, Foreclosures, Homes, Housing Market, HUD, Mortgage Industry, Purchases, Rehabs, Remodeling, REO Insider, REO's, The 203k Guy

Home Remodeling: The May 2011 “Remodeling Magazine” Digital Issue Is Released Featuring Top 50 National Builders And Contractors

17 05 2011

CLICK ON "REMODELING" TO READ DIGITAL MAGAZINE


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U.S. Housing Market Update: Freddie Mac “Economic Outlook” Cites Need For Economy To Generate 250,000 New Jobs Monthly To Stabilize Housing Market

12 05 2011

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  • Over 250,000 new jobs needed monthly, on a sustained basis, to reabsorb all the jobs lost since the recession.  
  • Unemployment rate moves up to 9 percent; average unemployment duration was 38.3 weeks in April, down slightly from the record of 39 weeks in March.
  • The rate of seriously delinquent mortgages (8.6 percent average) will likely trend lower during 2011, but continue to remain at extraordinarily high levels for an extended period.
  • During the first quarter of 2011, home prices decreased by 2.8 percent nationwide.
  • Positive signs: homebuyer affordability remains extraordinarily high, mortgage rates low, house prices are well off their cyclic peak and contract signings for existing home sales are up.  
  • Projecting a 5 percent increase in 2011 home sales over 2010, on a calendar year basis.

 

CLICK ON "FREDDIE MAC" TO VIEW ENTIRE REPORT


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Categories : Economic Statistics, Federal Government, First-Time Homebuyer, Freddie Mac, Homes, Housing Market, Mortgage Industry, Purchases, Statistics

Homeownership In The U.S. Dropped To 66.4% In First Quarter Of 2011, The Lowest Level Since 1998

27 04 2011

The homeownership rate dropped to 66.4% in the first quarter, the lowest level since the Fourth Quarter of 1998, according to the Census Bureau.

  • The rate is down from 67.1% one year ago
  • The decline is “yet more evidence that Americans are now less able and less willing to buy a home
  • The housing crash has more than reversed the increase seen during the boom
  • The Census Bureau estimated a total housing inventory of 131,009 units across the country in the 1st quarter
  • The homeowner vacancy rate on these properties stayed level at 2.6%; the high rate was the first quarter of 2009 at 2.9%
  • Homeownership varied across the U.S., peaking in the Midwest at 70.4% with a low in the West at 60.9%

For more:  http://www.housingwire.com/2011/04/27/homeownership-falls-to-lowest-level-since-1998


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Home Prices In California Decline 4.9% Statewide In Past Twelve Months To March 2011 On Heavy Distressed Home Sales And Loss Of Federal Tax Credit

21 04 2011

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  • The statewide median price of an existing, single-family detached home sold in California increased 5.4% in March compared with February to $286,010
  • But prices declined 4.9% compared with March 2010’s median price of $300,900
  • The decline in prices year over year is attributed to an increase in distressed sales
  • It is clear that prices and sales in 2010 benefitted from the federal home buyer tax credit
  • The pace of sales for the first three months of this year is in line expectations for all of 2011, according to C.A.R.

March 2011 County Sales and Price Activity
Regional and Condo Sales Data Not Seasonally Adjusted

March-11 Median Price of Existing Single-Family Homes
State/Region/County Mar-11 Feb-11   Mar-10   MTM% Chg YTY% Chg
CA SFH (SAAR) $286,010 $271,320   $300,900 r 5.4% -4.9%
CA Condo/Townhomes $232,130 $236,360   $263,310 r -1.8% -11.8%
Los Angeles Metropolitan Area $272,600 $266,830   $280,160   2.2% -2.7%
Inland Empire $172,730 $174,040   $177,910   -0.8% -2.9%
S.F. Bay Area $487,060 $444,020   $498,980 r 9.7% -2.4%
               
S.F. Bay Area              
Alameda $480,250 $458,060   $476,560   4.8% 0.8%
Contra-Costa (Central County) $567,310 $516,670   $587,690   9.8% -3.5%
Marin $826,700 $632,580   $790,620   30.7% 4.6%
Napa $332,610 $354,760   $351,560   -6.2% -5.4%
San Francisco $679,770 $606,560   $720,390   12.1% -5.6%
San Mateo $695,000 $623,000   $800,000   11.6% -13.1%
Santa Clara $561,500 $525,250   $590,000   6.9% -4.8%
Solano $193,480 $191,790   $211,540   0.9% -8.5%
Sonoma $325,910 $315,340   $359,050   3.4% -9.2%
Southern California              
Los Angeles $282,170 $286,220   $290,000 r -1.4% -2.7%
Orange County $523,610 $496,540   $550,420 r 5.5% -4.9%
Riverside County $201,520 $203,630   $201,100   -1.0% 0.2%
San Bernardino $130,690 $131,470   $137,590   -0.6% -5.0%
San Diego $383,620 $367,770   $393,600   4.3% -2.5%
Ventura $443,920 $389,650   $444,890   13.9% -0.2%
Central Coast              
Monterey $260,000 $239,950   $245,000   8.4% 6.1%
San Luis Obispo $362,700 $328,750   $377,680 r 10.3% -4.0%
Santa Barbara $422,730 $380,000   $381,820 r 11.2% 10.7%
Santa Cruz $475,950 $451,000   $525,000   5.5% -9.3%
Central Valley              
Fresno $138,120 $141,360   $150,960   -2.3% -8.5%
Kern (Bakersfield) $129,900 $125,000   $136,000   3.9% -4.5%
Kings County $137,270 $154,000   $154,290   -10.9% -11.0%
Madera $133,530 $149,230   $146,000   -10.5% -8.5%
Merced $115,290 $117,270   $108,080   -1.7% 6.7%
Placer County $253,750 $269,670   $292,210   -5.9% -13.2%
Sacramento $168,250 $168,800   $183,330   -0.3% -8.2%
San Benito $247,500 $285,000   $275,610   -13.2% -10.2%
Tulare $121,950 $120,340   $145,140   1.3% -16.0%
Other Counties in California              
Amador $170,000 $200,000   $186,000   -15.0% -8.6%
Butte County $222,370 $190,000   $250,000   17.0% -11.1%
Humboldt $250,000 $238,890   $270,650   4.7% -7.6%
Lake County $94,170 $123,330   $155,000   -23.6% -39.2%
Mariposa And Tuolumne $154,440 $187,500   $204,690   -17.6% -24.5%
Mendocino $192,500 $200,000   $295,000   -3.8% -34.7%
Shasta $154,810 $162,110   $175,500   -4.5% -11.8%
Siskiyou County $112,500 $140,000   $150,000   -19.6% -25.0%
Tehama $125,000 $83,330   $132,860   50.0% -5.9%
             

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Categories : Bank-Owned, Condominiums, Defaults, Federal Government, Home Sales, Homes, Mortgage Industry, Purchases, Statistics

Homebuyers Resist The Lowest Home Prices In 10 Years As Buyers Question “The Safety Of A Home As An Investment”; FHA 203k “ADDS” Value To Homes After Closing

19 04 2011

 

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  • The lowest home prices in 10 years is failing to lure many buyers
  • But have Americans soured on the idea of home ownership?
  • Recent surveys asking “is a home was a safe investment?” showed a drop to 64 percent from 70 percent in the 4th Q of 2010
  • The number was 83 percent in 2003
  • The housing crash clearly has caused permanent changes in the way some people view home ownership
  • Americans stay in their homes for about eight years
  • A homebuyer who bought a home in 2002 and sold in 2010 saw a 4.8 percent increase in value
  • The average annual gain in the past 20 years was 4.2 percent according to databases
  • Housing affordability is now at record levels as of December 2010 according to the National Association of Realtors
  • The median U.S. home price tumbled 32 percent from a 2006 peak to a nine-year low in February
  • The Great Depression saw a 27 percent drop in the first five years

For more:  http://www.bloomberg.com/news/2011-04-19/americans-shun-most-affordable-homes-in-generation-as-owning-loses-appeal.html


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Categories : 203k, Bank-Owned, Federal Government, FHA, First-Time Homebuyer, Home Sales, Homes, Housing Market, Mortgage Industry, Purchases, Realtors, REO's, Statistics, Surveys

Is It Time To Buy A Home?: “Home Price-To-Rent Ratio” Indicator Shows It Is A Favorable Time To Purchase A Home In Most Areas But Housing Prices Still High Compared To Historical Levels

18 04 2011

 

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  • The price-to-rent ratio is the cost of the median home divided by a year’s median rent
  • When the ratio is under 20, buying may make more sense than renting
  • The ratio has consistently been higher in some places and lower in others
  • A ratio that’s still higher than historic norms suggests prices may have further to fall

Metropolitan area

Peak of
the bubble
(Q1 2006)

Current
(Q4 2010)

Long-term
average
(1989-2003)
U.S. 18.46 11.34 9.56
Atlanta,GA 19.04 14.69 13.42
Austin,TX 20.00 22.44 15.79
Boston,MA 22.98 18.72 15.37
Baltimore,MD 21.05 15.55 11.30
Charlotte,NC 22.67 21.75 16.17
Chicago,IL 23.39 15.23 16.19
Cincinnati,OH 18.00 15.30 14.58
Cleveland,OH 16.19 13.13 13.24
Columbus,OH 20.88 17.17 15.68
Dallas-Fort Worth,TX 16.89 16.46 15.58
Denver,CO 25.34 20.93 16.30
Detroit,MI 18.37 9.94 13.42
East Bay,CA 53.49 30.36 29.08
Fort Lauderdale,FL 28.70 15.43 13.36
Hartford,CT 20.48 18.59 13.51
Honolulu,HI 36.69 33.16 23.02
Houston,TX 15.94 16.83 13.34
Indianapolis,IN 16.73 16.24 13.78
Inland Empire,CA 29.07 13.66 16.60
Jacksonville,CA 21.43 13.88 12.12
Kansas City,MO 17.88 16.48 13.62
Las Vegas,NV 30.62 13.30 14.96
Long Island,NY 24.91 19.75 12.08
Los Angeles,CA 26.41 15.96 12.57
Memphis,TN 19.38 15.64 15.75
Miami,FL 30.11 15.28 12.19
Milwaukee,WI 23.78 20.82 15.03
Minneapolis,MN 21.69 14.05 13.48
Nashville,TN 23.71 22.19 16.99
New Orleans,LA 22.14 16.49 13.16
New York,NY 18.64 14.07 9.42
Norfolk,VA 24.65 21.71 16.52
North -Central New Jersey 30.63 23.11 17.46
Oklahoma City,OK 13.53 14.26 11.33
Orange County,CA 44.00 28.69 20.54
Orlando,FL 24.52 12.02 12.49
Palm Beach County,FL 27.80 13.38 13.06
Philadelphia,PA 17.00 13.38 9.94
Phoenix,AZ 26.36 12.06 12.07
Pittsburgh,PA 11.94 11.64 9.85
Portland,OR 32.07 24.17 17.36
Raleigh,NC 22.17 22.85 16.79
Richmond,VA 22.77 21.29 14.93
Sacramento,CA 30.28 14.99 15.59
Salt Lake City,UT 20.30 19.24 14.53
San Antonio,TX 15.14 16.47 12.63
San Diego,CA 36.66 22.55 18.18
San Francisco,CA 43.15 29.32 24.41
San Jose,CA 46.43 29.95 23.33
Seattle,WA 30.16 22.69 16.84
Bridgeport,CT 24.85 20.57 14.92
St. Louis,MO 17.78 15.92 13.02
Tampa,FL 25.21 13.37 13.31
Washington- Northern Virginia -Maryland 27.41 17.35 13.00

Source: Fiserv, Federal Housing Finance Agency, Property Portfolio Research, Moody’s Analytics


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Categories : Federal Government, Financing, First-Time Homebuyer, Foreclosures, Home Sales, Homes, Housing Market, Mortgage Industry, National Public Radio, Purchases

April 2011 “Remodeling Magazine” Digital Edition Features “Simply Smart” Kitchen Remodel Designs And Details

15 04 2011

CLICK ON "REMODELING" TO VIEW MAGAZINE


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Categories : 203k, Appliances, Architects, Contractors, Design, Financing, Fixtures, Homes, Kitchen, Magazine, Rehabs, Remodeling

Lower Down Payment Mortgage Programs Face Uncertainty With “20% Down Rule” Proposed By Regulators As Obama Administration Looks To Phase-Out Fannie Mae And Freddie Mac And Shrink FHA; Senators Object To New Rule

12 04 2011

 

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  • Legislation enacted last year required banks that pool mortgages and sell them as securities to retain at least a 5 percent
  • The banks were to have some “skin in the game” instead of selling off the loans and hence avoiding losses should the loans go bad
  • A group of senators, led by Sens. Johnny Isakson (R-Ga.), Mary Landrieu (D-La.) and Kay Hagan (D-N.C.), successfully pushed to carve out exceptions for certain types of relatively safe mortgages
  • Regulators were to determine which loans should be exempt
  • Proposals that regulators unveiled last month surprised these lawmakers
  • Under the plan, mortgages with a 20 percent down payment were deemed safe
  • Loans with smaller down payments would become more expensive to borrowers in the form of higher interest rates and fees
  • But lawmakers debated but intentionally rejected imposing a minimum down payment requirement for fear of locking millions of creditworthy borrowers out of the housing market
  • Congress instructed the regulators to consider other factors such as a borrower’s debt, his or her ability to repay the loan, and the features of the loan itself when deciding which loans to exclude from the risk-retention provision
  • The 20-percent-down issue proposed by regulators strayed from the intent of the law said Sen. Hagan
  • Private mortgage insurance is required if borrowers put down less than 20 percent
  • The senators said loans with that kind of insurance result in lower losses for lenders and fewer foreclosures than similar loans that lack insurance
  • “I was definitely surprised and disappointed,” said Hagan, who passed the message along to Treasury Department officials in a recent meeting
  • Last year, six out of 10 borrowers in the United States put less than 20 percent down, according to LPS Applied Analytics
  • The agencies will be collecting public comment on the proposal through June
  • Low-down-payment loans would still be available without the higher rates and fees through Fannie Mae, Freddie Mac and FHA
  • But the Obama administration has said it wants to eliminate Fannie and Freddie eventually and to shrink the FHA’s role

For more:  http://www.washingtonpost.com/business/economy/senators-say-down-payment-requirement-not-their-intent-for-housing-finance-law/2011/04/11/AFzPU1MD_story.html


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Categories : 203k, Fannie Mae, Federal Government, Financing, First-Time Homebuyer, Freddie Mac, Homes, Housing Market, HUD, Mortgage Industry, Mortgage Insurance, Purchases, Underwriting

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